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Are you ready for the next wave of AI in banking?

14/11/2017 by Andy Winterburgh

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The second wave

I know that there is a feeling within some of my clients that AI in finance is reaching its peak so I read with interest a recent report from McKinsey that they anticipate a second wave of AI in the banking sector that will cover up to 25% of tasks currently performed manually.

While I know that this a a worry for some candidates as well, I am in agreement with McKinsey that this presents a great opportunity for employees and for businesses to focus on the high value projects where employees can make real differences in the way banks work and in driving business in perhaps as yet undiscovered routes. It is this that is the great opportunity for employees to become the leaders of the future.

Preparing for the next wave of AI

Everyone will need to prepare for and adapt for this new wave of AI to ensure that they are receiving the full benefits of automation. So, what are the key questions businesses need to ask to ensure they are maximising the benefits for themselves and their employees?

1.What is their vision for the future and how will the AI be part of the path to acheiving those aspirations?

2. Is there enough focus on ensuring that company wide (especially in HR and IT)  the move to automation is technically possible? How will processes need to be redefined in the face of automation and how will compliance fit with this automation?

3.Is IT set up to support the roll out of these automations and are they engaging through the correct governance structures

4. Is HR set up to manage these changes? there will likely be redeployment and reskilling necessary so this will need to be managed and the opportunities that this presents seized upon and developed

5. Is there a plan and a long term road map for the development and implementation for automation? It is likely that in some areas the automation will take several years so buy in from key stakeholders will be crucial to avoid stalling and not taking full advantage of the oportunities presented by this automation

6. Is the first point of automation the right one? It is key to developing automation within the business that the first pilot area for change is a champion for the whole automation development within the business. All eyes will be monitoring and evaluating the impact so it is crucial to get it right.

Are you ready?

With the right building blocks in place I agree that automation will provide opportunites for development for both businesses and for candidates.  If you'd like to discuss the approach some of the best HR and Internal Audit functions are using to ensure that they are attracting and retaining the top talent ready for automation, or you're an Internal Audit professional and you'd like to find the best employer to future proof your career get in touch with Hybridge today.